1370 SW Magazine Rd #116 · Ankeny, IA 50023

$120,000

2 bd · 2.0 ba · 1,229 sqft · Condo · 380 Days on market

Built 2014 Good condition $98/sqft · 25% below area Est $161k · 25% under $1817/mo HOA · 125% of rent ↓ 14% since listing

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• 1% rule +7.1/10.0
• Schools +7.1/10.0
• Livability +4.6/5.0
• Condition / age +4.0/5.0
• Rent growth +2.7/5.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great location within walking distance to all Prairie Trail has to offer. Vintage Cooperative of Ankeny, Independent Senior Living Community for 55-plus. This 1st floor unit boasts of a great room plan, the Chestnut plan with 1,229 sq. ft. , includes a center island breakfast bar, dining area and large pantry with lots of shelves and storage space. The Master bedroom has a large walk-in closet, 3/4 bath, guest room is suited as a bedroom or office, lots of light, large closet, office supplies or your choice of use. This unit is south-facing with a great view of the private lake and view of Prairie Trail district. The deck gate allows for a walk out to the lake or around the building to the garden area. The entire unit was just painted throughout and new carpet May 2025. Both baths are handicap accessible! Two guest rooms only $50 per room per night (each sleeps up to four persons each) is great for grandchildren, children or friends from out of town. This building boasts of a dining room called the Commons with a very nice patio attached. This unit has a parking stall in the lower level with a storage unit over the parking spot. The lower level of this Coop has a workshop that may be used by all residents. Included is a car wash, elevator AND stairs. Come visit, you will want to stay! HOA $1,872.00 monthly. SHARES CAMPUS WITH ASSISTED LIVING AND MEMORY CARE LIVING OPTIONS! Dart services from front door. Vintage Prairie Trail Coop website: https://vintageprairietrail.com/

Key facts

• Workout room
• Walk-in closet
• Large pantry

Tags

• GREAT ROOM PLAN
• CENTER ISLAND BREAKFAST BAR
• LARGE PANTRY
• WALK-IN CLOSET
• VIEW OF PRIVATE LAKE
• WORKOUT ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $120k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-18k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate -8.7% vs local median 3.0% in Ankeny — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 92/100 on livability (#3 in IA, #29 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, employment A+; Watch: commute C-.
• Ankeny Community School District (suburban): math 80% / reading 82% proficiency, ranked #15 of 289 in IA (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 498 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,953 units permitted in Polk County in 2024 (540 in 5+ unit buildings).
• This rent is only 15% of the median local income ($118k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Polk County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 380 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 125% of rent.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 380 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: -8.66%
• Cash-on-cash: -53.41%
• DSCR: -1.38
• GRM: 6.9

CMA / ARV

• ARV (median comp): $161,044
• List price: $120,000
• Delta: -25.49%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.75% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: -2.48×
• Total profit: $-116,772
• Equity at exit: $17,892

10-year hold

• IRR: —
• Equity multiple: -5.92×
• Total profit: $-232,347
• Equity at exit: $10,375

Cash invested: $33,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Iowa: 83 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; mostly landlord-friendly statewide.

Methodology + full state rankings →

ZIP-level market 50023

• Rents YoY: 0.8%
• Active inventory: 498
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,457 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$1,817
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $-1,495

Break-even live

Break-even rent $3,350

Max offer price —

Occupancy floor —

Sensitivity live

Price	-10% $-1,412	-5% $-1,454	+0% $-1,495	+5% $-1,537	+10% $-1,578
Rent	-10% $-1,610	-5% $-1,553	+0% $-1,495	+5% $-1,438	+10% $-1,380
Rate	-1.0pp $-1,435	-0.5pp $-1,465	base $-1,495	+0.5pp $-1,526	+1.0pp $-1,558

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1630 SW Magazine Rd Ankeny, IA	1.0–2.0	1.0	769	$1,375	$1.79	15d	10	0.18mi
1206 SW Franklin Dr Ankeny, IA	1.0	1.0	940	$1,295	$1.38	24d	1	0.20mi
1010 SW Magazine Rd Ankeny, IA	1.0–2.0	1.0–2.0	1080	$3,015	$2.79	15d	56	0.21mi
1115 SW 11th St Ankeny, IA	1.0	1.0	940	$1,295	$1.38	20d	1	0.24mi
1370 SW Radcliffe Ln Ankeny, IA	2.0	2.0	1457	$2,027	$1.39	15d	11	0.27mi
1108 SW 11th St Ankeny, IA	1.0–2.0	1.0–2.0	1003	$1,625	$1.62	15d	10	0.29mi
1205 SW Merchant St Ankeny, IA	1.0–2.0	1.0–2.0	874	$2,025	$2.32	15d	11	0.36mi
1235 SW Merchant St Ankeny, IA	1.0	1.0	680	$1,275	$1.87	15d	11	0.39mi
1155 SW Prairie Trail Pkwy Ankeny, IA	1.0–2.0	1.0–2.0	837	$1,900	$2.27	15d	69	0.44mi
548 SW Heritage Ln Ankeny, IA	3.0	2.5	1500	$800	$0.53	24d	1	0.61mi
405 SW Elm St Ankeny, IA	2.0	1.0	850	$985	$1.16	15d	1	0.87mi
2333 SW Plaza Pkwy Ankeny, IA	2.0	1.0–2.0	886	$1,740	$1.96	15d	16	1.00mi
1102 SE Belmont Dr Ankeny, IA	2.0	1.0	850	$995	$1.17	45d	1	1.04mi
1210 SW 28th St Ankeny, IA	1.0–3.0	1.0–3.0	962	$1,340	$1.39	15d	20	1.09mi
602 SE Grant St Apt 3 Ankeny, IA	2.0	1.0	792	$825	$1.04	45d	1	1.12mi
602 SE Grant St Unit 06 Ankeny, IA	2.0	1.0	792	$825	$1.04	20d	1	1.12mi
905 SW 28th St Ankeny, IA	1.0–3.0	1.0–2.0	988	$1,540	$1.56	15d	13	1.14mi
218 NW State St Unit 206-08 Ankeny, IA	2.0	1.0	800	$845	$1.06	45d	1	1.22mi
218 NW State St Unit 210-06 Ankeny, IA	2.0	1.0	800	$845	$1.06	22d	1	1.22mi
310 NW Chapel Dr Ankeny, IA	2.0	1.0	800	$950	$1.19	45d	1	1.26mi
3011 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,440	$1.36	45d	1	1.27mi
3044 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,475	$1.40	45d	1	1.30mi
2001 Summer Park Dr Unit 140 Ankeny, IA	3.0	2.0	1196	$1,549	$1.30	24d	1	1.34mi
1961 Four Seasons Dr Unit 172 Ankeny, IA	3.0	2.0	1216	$1,449	$1.19	45d	1	1.38mi
2130 Four Seasons Dr Unit 36 Ankeny, IA	3.0	2.0	1408	$1,479	$1.05	24d	1	1.39mi
3181 SW Sharmin Ln Ankeny, IA	2.0	2.0	1056	$1,495	$1.42	15d	1	1.40mi

HOA detail condo

• Monthly dues: $1,817 · $21,804/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $120,000 Active 380 DOM
2. 2026-06-18
   days on market $120,000 Active 377 DOM
3. 2026-06-17
   days on market $120,000 Active 376 DOM
4. 2026-06-16
   days on market $120,000 Active 375 DOM
5. 2026-06-15
   days on market $120,000 Active 374 DOM
6. 2026-06-14
   days on market $120,000 Active 372 DOM
7. 2026-06-13
   days on market $120,000 Active 371 DOM
8. 2026-06-10
   days on market $120,000 Active 369 DOM
9. 2026-06-09
   days on market $120,000 Active 368 DOM
10. 2026-06-08
    days on market $120,000 Active 367 DOM
11. 2026-06-07
    days on market $120,000 Active 366 DOM
12. 2026-06-03
    days on market $120,000 Active 362 DOM
13. 2026-06-02
    days on market $120,000 Active 361 DOM
14. 2026-06-01
    days on market $120,000 Active 360 DOM
15. 2026-05-31
    days on market $120,000 Active 359 DOM
16. 2026-05-31
    days on market $120,000 Active 358 DOM
17. 2026-02-18
    price $120,000 1498-char remark

    Show marketing remark (1498 chars)

    Great location within walking distance to all Prairie Trail has to offer. Vintage Cooperative of Ankeny, Independent Senior Living Community for 55-plus. This 1st floor unit boasts of a great room plan, the Chestnut plan with 1,229 sq. ft. , includes a center island breakfast bar, dining area and large pantry with lots of shelves and storage space. The Master bedroom has a large walk-in closet, 3/4 bath, guest room is suited as a bedroom or office, lots of light, large closet, office supplies or your choice of use. This unit is south-facing with a great view of the private lake and view of Prairie Trail district. The deck gate allows for a walk out to the lake or around the building to the garden area. The entire unit was just painted throughout and new carpet May 2025. Both baths are handicap accessible! Two guest rooms only $50 per room per night (each sleeps up to four persons each) is great for grandchildren, children or friends from out of town. This building boasts of a dining room called the Commons with a very nice patio attached. This unit has a parking stall in the lower level with a storage unit over the parking spot. The lower level of this Coop has a workshop that may be used by all residents. Included is a car wash, elevator AND stairs. Come visit, you will want to stay! HOA $1,872.00 monthly. SHARES CAMPUS WITH ASSISTED LIVING AND MEMORY CARE LIVING OPTIONS! Dart services from front door. Vintage Prairie Trail Coop website: https://vintageprairietrail.com/

18. 2025-11-24
    price $130,000 1498-char remark

    Show marketing remark (1498 chars)

    Great location within walking distance to all Prairie Trail has to offer. Vintage Cooperative of Ankeny, Independent Senior Living Community for 55-plus. This 1st floor unit boasts of a great room plan, the Chestnut plan with 1,229 sq. ft. , includes a center island breakfast bar, dining area and large pantry with lots of shelves and storage space. The Master bedroom has a large walk-in closet, 3/4 bath, guest room is suited as a bedroom or office, lots of light, large closet, office supplies or your choice of use. This unit is south-facing with a great view of the private lake and view of Prairie Trail district. The deck gate allows for a walk out to the lake or around the building to the garden area. The entire unit was just painted throughout and new carpet May 2025. Both baths are handicap accessible! Two guest rooms only $50 per room per night (each sleeps up to four persons each) is great for grandchildren, children or friends from out of town. This building boasts of a dining room called the Commons with a very nice patio attached. This unit has a parking stall in the lower level with a storage unit over the parking spot. The lower level of this Coop has a workshop that may be used by all residents. Included is a car wash, elevator AND stairs. Come visit, you will want to stay! HOA $1,872.00 monthly. SHARES CAMPUS WITH ASSISTED LIVING AND MEMORY CARE LIVING OPTIONS! Dart services from front door. Vintage Prairie Trail Coop website: https://vintageprairietrail.com/

19. 2025-06-06
    listed $140,000 Active 1498-char remark

    Show marketing remark (1498 chars)

    Great location within walking distance to all Prairie Trail has to offer. Vintage Cooperative of Ankeny, Independent Senior Living Community for 55-plus. This 1st floor unit boasts of a great room plan, the Chestnut plan with 1,229 sq. ft. , includes a center island breakfast bar, dining area and large pantry with lots of shelves and storage space. The Master bedroom has a large walk-in closet, 3/4 bath, guest room is suited as a bedroom or office, lots of light, large closet, office supplies or your choice of use. This unit is south-facing with a great view of the private lake and view of Prairie Trail district. The deck gate allows for a walk out to the lake or around the building to the garden area. The entire unit was just painted throughout and new carpet May 2025. Both baths are handicap accessible! Two guest rooms only $50 per room per night (each sleeps up to four persons each) is great for grandchildren, children or friends from out of town. This building boasts of a dining room called the Commons with a very nice patio attached. This unit has a parking stall in the lower level with a storage unit over the parking spot. The lower level of this Coop has a workshop that may be used by all residents. Included is a car wash, elevator AND stairs. Come visit, you will want to stay! HOA $1,872.00 monthly. SHARES CAMPUS WITH ASSISTED LIVING AND MEMORY CARE LIVING OPTIONS! Dart services from front door. Vintage Prairie Trail Coop website: https://vintageprairietrail.com/

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,483
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,399
• − Management: −$1,399
• − HOA: −$21,804
• − Depreciation: −$3,491
• Taxable loss: −$19,731
• Est. tax savings @ 24.0%: +$4,736
• After-tax cash flow: $-13,209/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This 1st floor unit in a vintage cooperative is in good condition with a good roof, siding, and interior. It has a great room plan, a center island breakfast bar, and a large pantry. The unit is south-facing with a great view of the private lake and view of Prairie Trail district. The deck gate allows for a walk out to the lake or around the building to the entrance.

Value-add opportunities

• Both Paint interior walls — Fresh paint can make the space feel new and improve curb appeal.
• Both Replace light fixtures — Modern light fixtures can enhance the space and improve energy efficiency.
• Both Replace carpet with hardwood — Hardwood flooring can increase the home's value and make it more appealing to buyers and renters.
• Both Landscaping improvements — A well-maintained landscape can enhance curb appeal and increase the home's value.
• Both Replace light fixtures — Modern light fixtures can enhance the space and improve energy efficiency.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint can make the space feel new and improve curb appeal. ↑
• Both Replace light fixtures — Modern light fixtures can enhance the space and improve energy efficiency. ↑
• Both Replace carpet with hardwood — Hardwood flooring can increase the home's value and make it more appealing to buyers and renters. ↑
• Both Landscaping improvements — A well-maintained landscape can enhance curb appeal and increase the home's value. ↑
• Both Replace light fixtures — Modern light fixtures can enhance the space and improve energy efficiency. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Ankeny Community School District
• NCES district ID: 1903690
• Math proficiency: 80% ▼ -5.00%
• Reading proficiency: 82% ▬ 0.00%
• Median HH income: $75,384
• Composite: 70.91/100
• National rank: #246
• State rank: #15 of 289 in IA

Livability — Ankeny

• Score: 92/100
• State rank: #3
• US rank: #29

Category grades

Amenities A+ Commute C- Cost of living A- Crime A Employment A+ Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ankeny, IA
• County: Polk County · 453,298 people
• City population: 76,589
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 46,306
• Household income: $117,826
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 617.0

Population outlook (Polk County) Hauer SSP2

• Today (2025): 548,042 people
• By 2030: 588,557 · +7.4%
• By 2040: 670,629 · +22.4%
• By 2050: 752,830 · +37.4%
• By 2075: 955,069 · +74.3%
• By 2100: 1,115,436 · +103.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Asian 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 6% Iranian 3% Slovak 2%
• Foreign-born: 4% · Canada, South Korea, Vietnam
• Languages at home: 93% English-only · Spanish 2% Other Asian/Pacific 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Polk

• 2024 margin: D (+10.9) · D 54.8% · R 43.9% · Other 1.3%
• 2008→2024 swing: -3.7pp toward R · 2008: 14.6pp · 2024: 10.9pp
• All cycles: 2024: D+10.9 2020: D+15.2 2016: D+11.5 2012: D+14.2 2008: D+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -135.67%
• Current HPI: 215.1034
• Rent YoY: ▲ 0.75%
• Metro: Des Moines-West Des Moines, IA
• State GDP YoY: ▲ 2.48%
• F500 in state: 4

Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Price history

-14.3% since first listed

3 events — show timeline

• 2026-02-18 Price Changed $120,000 DMMLS
• 2025-11-24 Price Changed $130,000 DMMLS
• 2025-06-06 Listed $140,000 DMMLS